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Bankers who are reckless with customers’ or taxpayers’ money could face criminal charges and have bonuses and pensions clawed back, according to proposals backed by Britain’s prime minister on Wednesday.

The Cyprus fiscal nosedive comes as a blow to wealthy Chinese immigrants seeking a relatively cheap route to property and residency in the euro zone. Along with Ireland, Spain and Portugal, Cyprus has been offering a property-linked visa programme.

Residents of the archipelago in the South Atlantic hoisted British and Falklands flags and even created a giant "YES" made of SUVs ahead of the vote. In a move instigated by residents themselves, 1,672 eligible voters are being asked whether they want the Falklands to remain an internally self-governing British overseas territory.

China is poised to set up a currency swap agreement with the world's largest foreign exchange market in London as the yuan is expected to become the most commonly traded currency in the next decade, a senior executive of JP Morgan said in Beijing yesterday.

Britain's education secretary Michael Gove announced yesterday he has abandoned plans to replace the GCSE with a new English Baccalaureate certificate after growing concern within the coalition and from education groups.

In a lecture to be delivered this week at the Law Society, S. Chelvan, a barrister who specialises in asylum cases and works with the UK Border Agency (UKBA), will detail the extraordinary methods to which individuals are resorting - including filming themselves having sex - to justify requests for refuge.

A prominent mainland rural affairs expert has called on the British embassy in Beijing to change its visa-application policies after he was asked to provide a household registration document to travel to the country.

The phone-hacking scandal at Rupert Murdoch's News of the World tabloid in London made headlines around the globe. Now, Lord Justice Leveson's proposal for an independent media regulator, backed by new laws, has ramifications for freedom of speech and information that also go well beyond Britain's borders.

LONDON/QUITO (Reuters) - Ecuador granted political asylum to Julian Assange on Thursday, ratcheting up tension in a standoff with Britain which has warned it could revoke the diplomatic status of Quito's embassy in London to allow the extradition of the WikiLeaks founder.